CDC expands VC program with South Asia focus

The appointments include Anne Glover, CEO and co-founder of London-based Amadeus Capital Partners, and Nikunj Jinsi, formerly global head for VC at International Finance Corporation (IFC). Both will sit on a newly formed VC investment committee that will advise on fund commitments and co-investment proposals.

Glover (pictured) has more than 30 years of experience in VC, having joined Apax Partner as an early-stage investor 1989. She helped set up Amadeus in 1997, bringing a background in metallurgy and materials science, consulting, and operations.

Jinsi has over 20 years of VC investment experience in developing markets and has led over 80 VC transactions. He spent 16 years at IFC, where he committed over $1 billion in VC fund and direct investments, managing a team of more than 30 investment professionals based in eight locations globally. Prior to IFC, Jinsi spent nine years as a managing director for AsiaTech Ventures.

CDC has committed about $140 million across 11 venture funds and $10.5 million across four early-stage co-investments to date. This has included a significant focus on South Asia, with recent fund commitments in the region including the fourth vintage from SAIF India, now known as Elevation Capital, and the third vehicle from Chiratae Ventures. CDC also manages a $330 million renewable energy platform in India called Ayana Renewable Power. 

Standout direct investments in recent years include Myanmar internet provider Frontiir, Nepal internet provider WorldLink, Bangladesh lender BRAC Bank, and Indian logistics player Ecom Express. In 2019, CDC acquired a 3.5% stake in Indian grocery delivery app BigBasket for $40 million. BigBasket has been estimated to have a valuation as high as $2.3 billion.

“Investing in innovative early-stage businesses is becoming a core part of CDC’s mission,” Nick O’Donohoe, CEO of CDC, said in a statement. “Entrepreneurs in our markets are leveraging technology to find new ways to unlock market opportunities and increase productivity and can make essential goods and services more readily available to underserved populations in our markets.”

CDC said in 2019 that it expected to invest $1.7 billion over the following three years in South Asia, including Myanmar. India is its most active jurisdiction.

Last year, CDC hired Rabi Rayamajhi as its first country representative in Nepal. This coincided with CDC’s first investment in the country, a $15 million commitment to NMB Bank.

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• Topics
• South Asia
• LPs
• People
• Venture
• India
• Bangladesh
• Pakistan
• Nepal
• Myanmar
• Sri Lanka
• development finance institution
• CDC Group
• Appointments